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In an effort to reduce gold imports and prevent the drain of foreign currency used to acquire gold, India is planning to introduce a Sovereign Gold Bond as an alternative to purchasing gold. The government also plans to offer Indians who currently hold gold the option to monetize their holdings through an interest bearing gold monetization program. While details of the plan have not yet…
The Indian bond market is becoming increasingly attractive to investors seeking higher yields. In fact, although the Indian equity market was among the best performing in the world last year, foreign investors pumped about 33% more funds into rupee denominated bonds in 2014 than they did into the equity markets. “This is largely due to the fact that that most bond issues in India are…
China’s Central Bank, the Peoples Bank of China (PBOC), cut its benchmark deposit and loan interest rates by 25 basis points, effective March 1, 2015 the second cut in less than three months. China previously cut interest rates, also by 25 basis points, on November 21, 2014 in a move that caught the market by surprise. As a result of the cuts, the benchmark one-year…
RBI's Surprise Move: The Reserve Bank of India (RBI) today announced a 25bps repo rate cut to 7.5% from 7.75% within 4 days of the Union Budget. Obviously, the fiscal message of the budget has gone down well with RBI. Markets and Indian industry have reacted positively to this announcement RBI Governor, Rajan, explained why the announcement outside the policy meeting scheduled on 7 April…
Good balance of fiscal discipline and targeted spending to benefit equity markets The Modi administration's first annual budget, presented on February 28th, reaffirmed the government's commitment to maintain aggressive pro-growth and development policies, enabling India to remain on the path to become fastest growing economy in the world. The budget forecasts that the economy will grow by 8% - 8.5% in Fiscal 2016, compared to…
A very positive and a growth-oriented budget with a strong focus on infrastructure development, with a secondary emphasis on manufacturing, in order to build the nation. India Budget Fiscal 2016 Excel Investment Counsel Inc. A very positive and a growth-oriented budget with a strong focus on infrastructure development, with a secondary emphasis on manufacturing, in order to build the nation. Economy seen growing 8%-8.5% in…
A) Union Budget FY2016 - " A well balanced budget focused on growth and spending”   B) Railway Budget FU 2016 - A Positively Fresh Approach with Prime Minister NaMo's print all over A) Union Budget FY 2016 -  “A well balanced budget focused on growth and spending” My thoughts: As expected and mentioned in my pre budget blog, it's not a big bang budget but…
Union Railway Minister, Suresh Prabhu, presents his maiden budget on 26 Feb 15 A few thoughts: If Suresh Prabhu’s first three months in Rail Bhawan are any indication to go by, the minister’s maiden railway budget on Thursday will be a mission document given PM NaMo's focus on reforming the railways. NaMo had reiterated this intent 25 Dec 14 in Varanasi, his constituency while inaugurating…
Union Finance Minister, Arun Jaitley, will present India's Union Budget FY 2016 on 28 Feb 15 A) Broad Budget Math: Current Year Budgeted Fiscal Deficit - 4.1% (Market will expect this number to come) Total receipts is likely to be 9.4% and expenditure will be about 13.5% of GDP. 2) FY 2016     Revenue: Next year expected Fiscal Deficit to fall to 3.6%, assuming…
Quick summary of the points made by JP Morgan’s Adrian Mowatt India offers the prospect of accelerating earnings growth with low inflation. It is a growth-oriented market and the medium-term outlook is attractive. Indian government debt has the potential for an upward re-rating with the prospect of accelerating earnings growth. The re-rating drivers mainly are the high GDP growth expectations, low inflation rates combined with…
Indian companies are expected to issue more corporate bonds in 2015 and are projected to surpass 2013 and 2014 levels, with a number of new issuers entering the market space.   According to Thomson Reuters data, Indian firms have raised US$5.40 billion* through short and long-term corporate debt in a little over a month and a half this year and are well on their way…
India's foreign exchange reserves have hit a new high, rising by approximately US$2.956 billion to USD 333.169 billion** in the week of February 13th, 2015, with the help of healthy increases in foreign currency assets. In the previous week, the reserves had increased by US$2.329 billion to USD 330.213 billion.** According to analysts, India now has foreign reserves to cover its import bill for almost…

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